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In this chapter, the author models alternative structures in the informal credit market as devices for extracting surplus from the borrowers, and show how extremely exploitative moneylenders may have some superficial resemblance to markets with perfectly competitive moneylenders.

In this chapter, the author models alternative structures in the informal credit market as devices for extracting surplus from the borrowers, and show how extremely exploitative moneylenders may have some superficial resemblance to markets with perfectly competitive moneylenders.